PNC Infratech Ltd

PNC Infratech Ltd

₹ 465 6.59%
04 Mar 4:01 p.m.
About

PNC Infratech Limited was incorporated on 9th August 1999 as PNC Construction Company Private Limited. The Company was converted into a limited company in 2001 and was renamed PNC Infratech limited in 2007. PNC Infratech Limited is one of the front-ending infrastructure development, construction, and management companies in the country. The company undertakes infrastructure projects, including highways, bridges, flyovers, power transmission lines and towers, airport runways, industrial area development, and other infrastructure activities.[1]

Key Points

Business Overview:[1]
PNC Infratech Limited provides infrastructure implementation solutions that include engineering, procurement, and construction ("EPC") services on a fixed-sum turnkey basis as well as on an item rate basis. It also executes and implements projects on a "Design-Build- Finance-Operate-Transfer" ("DBFOT"), Operate-Maintain-Transfer ("OMT"), Hybrid Annuity Mode (HAM) and other PPP formats. In the case of BOT and HAM, the company bid as a sponsor either alone or in the joint venture with other ventures and once the project is awarded then it is executed by incorporating a special purpose vehicle.

  • Market Cap 11,929 Cr.
  • Current Price 465
  • High / Low 469 / 261
  • Stock P/E 18.1
  • Book Value 180
  • Dividend Yield 0.11 %
  • ROCE 14.8 %
  • ROE 16.2 %
  • Face Value 2.00

Pros

Cons

  • Contingent liabilities of Rs.4,293 Cr.
  • Dividend payout has been low at 2.25% of profits over last 3 years
  • Debtor days have increased from 36.3 to 50.4 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,582 1,864 1,463 1,798 1,722 2,226 2,053 1,795 1,803 2,305 2,092 1,911 2,047
1,175 1,444 1,100 1,432 1,396 1,746 1,535 1,469 1,459 1,894 1,655 1,512 1,615
Operating Profit 407 420 363 366 325 480 518 326 345 411 436 400 432
OPM % 26% 23% 25% 20% 19% 22% 25% 18% 19% 18% 21% 21% 21%
35 24 22 28 18 19 13 24 20 24 20 21 17
Interest 98 102 103 107 103 112 107 108 122 133 147 161 169
Depreciation 108 89 99 97 116 79 104 48 44 57 48 41 44
Profit before tax 237 253 183 190 124 309 321 194 198 244 262 219 235
Tax % 29% 40% 38% 30% 37% 17% 25% 32% 30% 40% 31% 32% 21%
176 150 118 132 83 247 241 132 140 146 181 148 185
EPS in Rs 6.87 5.86 4.59 5.16 3.23 9.64 9.38 5.15 5.45 5.69 7.04 5.77 7.21
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,273 1,306 1,360 1,861 2,837 2,252 2,411 3,774 5,603 5,788 7,208 7,956 8,355
1,120 1,148 1,184 1,581 2,214 1,647 1,648 2,768 4,275 4,366 5,674 6,356 6,676
Operating Profit 153 157 176 280 622 605 763 1,007 1,328 1,422 1,534 1,600 1,679
OPM % 12% 12% 13% 15% 22% 27% 32% 27% 24% 25% 21% 20% 20%
7 3 11 12 12 39 24 47 182 107 87 81 81
Interest 24 25 61 93 257 310 309 348 439 426 425 470 611
Depreciation 19 23 40 60 213 242 262 346 351 363 390 253 189
Profit before tax 117 112 85 139 164 92 216 360 719 740 806 957 960
Tax % 33% 33% 41% 34% -27% -28% -12% 2% 24% 33% 28% 31%
78 75 51 91 209 118 243 351 550 497 580 658 660
EPS in Rs 3.94 3.75 2.77 4.59 8.13 4.61 9.47 13.70 21.43 19.39 22.62 25.67 25.71
Dividend Payout % 0% 4% 5% 7% 6% 11% 5% 4% 2% 3% 2% 2%
Compounded Sales Growth
10 Years: 20%
5 Years: 27%
3 Years: 12%
TTM: 6%
Compounded Profit Growth
10 Years: 24%
5 Years: 22%
3 Years: 6%
TTM: -13%
Stock Price CAGR
10 Years: %
5 Years: 26%
3 Years: 18%
1 Year: 54%
Return on Equity
10 Years: 16%
5 Years: 18%
3 Years: 17%
Last Year: 16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 40 40 40 40 51 51 51 51 51 51 51 51 51
Reserves 454 548 670 831 1,307 1,410 1,637 1,973 2,503 3,002 3,577 4,234 4,561
372 588 1,025 1,692 1,649 1,906 2,021 2,775 3,515 4,192 4,793 6,282 7,082
176 246 286 534 1,829 1,851 2,192 2,455 2,421 2,330 2,224 2,066 2,255
Total Liabilities 1,042 1,422 2,021 3,097 4,835 5,219 5,902 7,254 8,490 9,575 10,645 12,632 13,949
111 444 649 683 2,447 2,405 2,279 2,234 1,978 1,797 1,482 1,291 1,236
CWIP 193 296 593 1,482 2 8 11 6 0 3 0 0 0
Investments 51 92 105 94 66 103 169 263 444 579 424 312 275
688 590 674 838 2,320 2,703 3,443 4,752 6,068 7,196 8,740 11,030 12,438
Total Assets 1,042 1,422 2,021 3,097 4,835 5,219 5,902 7,254 8,490 9,575 10,645 12,632 13,949

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-43 318 139 247 94 285 591 197 525 190 -499 -1,454
-204 -502 -555 -968 -170 -202 -252 -444 -230 -252 25 343
250 212 458 647 117 -135 -211 400 254 63 148 1,005
Net Cash Flow 4 28 42 -74 41 -51 129 153 549 1 -326 -106

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 99 67 51 52 53 106 90 50 19 25 34 50
Inventory Days 134 107 89 132 94 67 75 101 45 58 55 83
Days Payable 77 143 74 66 82 120 203 120 80 118 59 75
Cash Conversion Cycle 156 31 66 118 66 52 -37 31 -17 -36 30 59
Working Capital Days 125 65 63 67 47 69 20 17 -9 9 23 47
ROCE % 20% 14% 10% 11% 15% 13% 15% 16% 21% 17% 15% 15%

Shareholding Pattern

Numbers in percentages

3 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07% 56.07%
10.79% 9.32% 11.57% 10.88% 9.99% 10.48% 9.77% 9.32% 9.52% 10.26% 10.78% 10.98%
27.71% 29.17% 28.33% 28.92% 26.83% 28.57% 29.10% 29.58% 29.39% 28.50% 28.10% 27.24%
5.43% 5.44% 4.03% 4.13% 7.11% 4.88% 5.06% 5.04% 5.03% 5.18% 5.06% 5.72%
No. of Shareholders 60,94061,17550,05462,45477,87978,22276,84074,78077,01475,53079,24392,706

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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